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US stock futures (ES=F, NQ=F, YM=F) are up Thursday morning after President Trump announced the administration has reached a trade deal with the UK. More details are to come at a White House press conference Thursday morning.
The Federal Reserve held interest rates at its May FOMC meeting on Wednesday, central bank officials stating that they need clarity on the Trump administration's trade policies before they start cutting rates.
Nvidia (NVDA), Advanced Micro Devices (AMD), and Broadcom (AVGO) are among the chip stocks seeing positive gains in pre-market trading yesterday's report stating the Trump administration plans to repeal Biden-era curbs on global AI chip exports.
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Yahoo! Finance's flagship show, The Morning Brief. I'm Brad Smith, alongside Madison Mills. Let's get to the three things that you need to know today.
First up, US stock futures pushing higher this morning with investors optimistic after President Trump says the US has reached a trade deal with the United Kingdom. The president said in a post on Truth Social that today will be an exciting day for the two nations, with the White House promising details in a press conference at 10:00 a.m. Eastern time. Meanwhile, the European Union is planning to impose an additional 10 tariffs on 95 billion euros of US exports if trade talks with the White House fall through. The levies would target cars, planes, and bourbon.
Plus, the Fed says it needs trade clarity from the White House before it's going to rush to cut rates. Powell said the central bank needs more certainty on the direction of trade policy before making a move. And Fed officials voted unanimously to keep the benchmark federal funds rate unchanged. Treasury yields are rising following the wait-and-see message.
And tech stocks getting a boost this morning on reports the Trump administration is rolling back Biden era chip restrictions on artificial intelligence, according to Bloomberg. The move is part of a broader effort to revise global semiconductor trade restrictions that have been drawn, drawing strong opposition from major tech companies and foreign governments. However, scrapping the AI diffusion framework won't change the measures targeting China, which Trump recently toughened.
